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April 2016 Archives

Considerations in writing a will

Nevada residents who pass away without valid wills are considered to have died intestate, which can create serious difficulties for surviving family members. To protect one's estate from loss through this situation, a sound estate plan is advisable. However, writing one's own will could leave some issues unresolved, which could still lead to costly probate proceedings.

Learning the details of Prince's estate

Prince's death on April 21 took many people in Nevada and elsewhere by surprise. In addition to the grief and mourning that followed, questions arose regarding who would inherit his estimated $300 million estate. It is unclear if the musician had an updated will, which would mean that Minnesota state law would determine how his assets are distributed. In the event that this is the case, it is believed that most of his assets would go to his younger sister.

Properly changing a trust document

The creation of a trust can give Nevada residents more control over what happens to their property upon then death or if they become mentally incapacitated. However, any changes to the trust must be done in a formal manner similar to how the trust itself is created. If an amendment is simply written in the margin, it could be invalidated by a court.

Leaving different estate shares to different children

It is not uncommon for Nevada parents to want to leave disproportionate shares of their estates to some of their children while leaving less to others. This may be because a parent has a closer relationship with one child and a strained relationship with another. It may also be because one child may be in better financial shape than another, and the parent wants to help the child who has less.

Preventing fights about a parent's estate

Finances are often a delicate subject for many people in Nevada, but monetary issues combined with the loss of a parent can create new hassles. Parents prepare estate plans to make their wishes known and to hopefully make the process easier for loved ones, but they might also like some tips about preventing arguments when children struggle with understanding a parent's last wishes.

Wills may help avoid some inheritance issues

It is probably safe to say that few people would feel good about letting the government decide how a lifetime of accumulated assets and wealth should be distributed after their death. Wills allow Nevada residents to avoid having the distribution of property and other inheritance issues decided by state law. Although they differ from one state to another, intestacy laws dictate which of a deceased individual's next of kin share in that person's estate.

Protecting a business through estate planning

Nevada residents may think of estate planning as an important thing to do to protect their personal assets for their loved ones, but for small business owners, the process may be critical as well. Without proper planning, between taxes and claims from outside parties, a company's value can quickly be reduced after the owner's death.

Why people may want trusts as the beneficiaries for IRAs

For many Nevadans, retirement accounts may be some of the largest or the very largest assets they may leave to their children. Because inherited IRAs may be taxed for each distribution that is made and may be the target of divorce proceedings, among other issues, people who want to leave them to their children may want to make the beneficiary of their IRAs trusts instead of their children directly.

The need to review and update wills

Some Nevada residents make the mistake of simply drafting their wills and never reviewing or updating them afterward. As applicable laws frequently change, it's a good idea to regularly review a written will, making modifications where needed.